8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
____________________

FORM 8-K
____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 4, 2014
____________________

RealPage, Inc.
(Exact name of registrant as specified in its charter)

Delaware	001-34846	75-2788861
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4000 International Parkway Carrollton, Texas	75007
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:   (972) 820-3000

________________________________________________________________________________
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On August 4, 2014, RealPage, Inc. issued a press release reporting its financial results for its quarter ended June 30, 2014. A copy of the press release is furnished herewith as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	RealPage, Inc. Press Release dated August 4, 2014

The information furnished in this Current Report under Item 2.02 and the exhibit attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RealPage, Inc.
	(Registrant)
August 4, 2014	/s/ W. BRYAN HILL
(Date)	W. Bryan Hill Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	RealPage, Inc. Press Release dated August 4, 2014

EX-99.1

Exhibit 99.1

RealPage Reports Second Quarter 2014 Financial Results

CARROLLTON, Texas--(BUSINESS WIRE)--August 4, 2014--RealPage, Inc. (NASDAQ:RP), a leading provider of on demand software and software-enabled services to the rental housing industry, today announced financial results for its second quarter ended June 30, 2014.

“Our revenue and profit results for the second quarter were below our expectations,” said Steve Winn, Chairman and CEO of RealPage. “Our revenue shortfall was primarily driven by less demand for our leasing and marketing solutions and lower than expected revenue from our renter’s insurance solutions. The shortfall in our leasing and marketing solutions was primarily attributed to a rental housing environment where we believe demand has significantly outpaced supply, driving resident renewal rates to some of the highest levels we have seen in five years.”

“Our subscription revenue excluding leasing and marketing solutions, which accounts for the majority of total revenue, grew nearly 14% during the second quarter compared to the prior year period,” Mr. Winn continued. “Our strategy will focus on creating incremental demand for all solutions through the addition of new features and functionality, pricing strategies, partnerships, continued investment in the sales force and our implementation infrastructure.”

Second Quarter 2014 Financial Highlights

• Non-GAAP total revenue was $94.8 million, flat year-over-year, while GAAP total revenue was $95.0 million, an increase of 1% year-over-year;
• Non-GAAP on demand revenue was $91.4 million, an increase of 1% year-over-year, while GAAP on demand revenue was $91.6 million, an increase of 1% year-over-year;
• Adjusted EBITDA was $12.5 million, a decrease of 41% year-over-year;
• Non-GAAP net income was $4.6 million, or $0.06 per diluted share, a year-over-year decrease of 56% and 57%, respectively; and
• GAAP net loss was $6.3 million, or $0.08 per diluted share, compared to GAAP net income of $4.6 million, or $0.06 per diluted share, in the prior year quarter.

Financial Outlook

RealPage management expects to achieve the following results during its third quarter ended September 30, 2014:

• Non-GAAP total revenue is expected to be in the range of $101.0 million to $103.0 million;
• Adjusted EBITDA is expected to be in the range of $16.0 million to $17.0 million; and
• Non-GAAP net income per diluted share is expected to be in the range of $0.08 to $0.09.

RealPage management expects to achieve the following results during its calendar year ended December 31, 2014:

• Non-GAAP total revenue is expected to be in the range of $400.0 million to $405.0 million;
• Adjusted EBITDA is expected to be in the range of $70.0 million to $73.0 million; and
• Non-GAAP net income per diluted share is expected to be in the range of $0.37 to $0.40.

Please note that the above statements are forward looking and that Non-GAAP total revenue includes an adjustment for the effect of acquisition-related and other deferred revenue. In addition, the above statements also include the impact of acquisitions. Actual results may differ materially. Please reference the information under the caption "Non-GAAP Financial Measures” as well as reconciliation tables of GAAP financial measures to non-GAAP financial measures as set forth in this press release.

Conference Call and Webcast

The Company will host a conference call on August 4, 2014 at 5 p.m. EDT to discuss its financial results. Participants are encouraged to listen to the presentation via a live Web broadcast on the Investor Relations section. In addition, a live dial-in is available domestically at 866-743-9666 and internationally at 760-298-5103. A replay will be available at 855-859-2056 or 404-537-3406, passcode 76947839, until August 10, 2014.

About RealPage

RealPage, Inc. is a leading provider of comprehensive property management software solutions for the multifamily, commercial, single-family and vacation rental housing industries. These solutions help property owners increase efficiency, decrease expenses, enhance the resident experience and generate more revenue. Using its innovative SaaS platform, RealPage's on-demand software enables easy system integration and streamlines online property management. Its product line covers the full spectrum of property management solutions, including leasing, accounting, revenue management, marketing solutions, resident services, renter insurance, utility management, spend management and apartment market research. Founded in 1998 and headquartered in Carrollton, Texas. RealPage currently serves over 10,000 clients worldwide from offices in North America, Europe and Asia. For more information about the company, visit http://www.realpage.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking" statements relating to RealPage, Inc.'s expected, possible or assumed future results and RealPage, Inc.’s strategic focus on creating incremental demand for all solutions through the addition of new features and functionality, pricing strategies, partnerships, continued investment in sales force and implementation infrastructure. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as "expects," "believes," "plans," or similar expressions and the negatives of those terms. Those forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The Company may be required to revise its results upon finalizing its review of second quarter results, which could cause or contribute to such differences. Additional factors that could cause or contribute to such differences include, but are not limited to, the following: (a) the possibility that general economic conditions, including leasing velocity or uncertainty cause information technology spending, particularly in the rental housing industry, to be reduced or purchasing decisions to be delayed; (b) an increase in insurance claims; (c) an increase in customer cancellations; (d) the inability to increase sales to existing customers and to attract new customers; (e) RealPage, Inc.'s failure to integrate acquired businesses and any future acquisitions successfully; (f) the timing and success of new product introductions by RealPage, Inc. or its competitors; (g) changes in RealPage, Inc.'s pricing policies or those of its competitors; (h) litigation; (i) inability to complete the integration of our LeaseStar products and deliver enhanced functionality on a timely basis; (j) the ability to enable margin expansion; and (k) such other risks and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission ("SEC") by RealPage Inc., including its Quarterly Report on Form 10-Q previously filed with the SEC on May 12, 2014. All information provided in this release is as of the date hereof and RealPage Inc. undertakes no duty to update this information except as required by law.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures. These measures differ from GAAP in that they include acquisition-related and other deferred revenue and exclude amortization of intangible assets, stock-based compensation expenses, any impact related to the Yardi litigation (including related insurance litigation and settlement costs), and acquisition related expenses (including any purchase accounting adjustments) and include income taxes at a sustainable effective rate, which excludes the reversal of valuation allowances due to expected or realization of deferred tax assets.

We define non-GAAP total revenue as total revenue plus acquisition-related and other deferred revenue adjustment. We also define non-GAAP on demand revenue as on demand revenue plus acquisition-related and other deferred revenue adjustment. Non-GAAP net income is defined as net (loss) income plus acquisition-related and other deferred revenue adjustment, amortization of intangible assets, stock-based compensation expense, acquisition-related expense, any impact related to Yardi litigation (including related insurance litigation and settlement costs), loss on disposal of assets, and an adjustment to income tax expense (benefit) to reflect our effective tax rate.

We define Adjusted EBITDA as net (loss) income plus acquisition-related and other deferred revenue adjustment, depreciation and asset impairment, amortization of intangible assets, net interest expense, income tax expense (benefit), stock-based compensation expense, any impact related to Yardi litigation (including related insurance litigation and settlement costs), and acquisition-related expenses.

We believe that the use of Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. We believe that:

• Adjusted EBITDA provides investors and other users of our financial information consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations and facilitates comparisons with our peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results;
• it is useful to exclude certain non-cash charges, such as depreciation and asset impairment, amortization of intangible assets and stock-based compensation and non-core operational charges, such as acquisition-related expenses and any impact related to the Yardi litigation (including related insurance litigation and settlement costs), from Adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and these expenses can vary significantly between periods as a result of new acquisitions, full amortization of previously acquired tangible and intangible assets or the timing of new stock-based awards, as the case may be; and
• it is useful to include deferred revenue written down for GAAP purposes under purchase accounting rules and revenue deferred due to a lack of historical experience determining the settlement of the contractual obligation in order to appropriately measure the underlying performance of our business operations in the period of activity and associated expense.

We use Adjusted EBITDA in conjunction with traditional GAAP operating performance measures as part of our overall assessment of our performance, for planning purposes, including the preparation of our annual operating budget, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance.

We do not place undue reliance on Adjusted EBITDA as our only measure of operating performance. Adjusted EBITDA should not be considered as a substitute for other measures of liquidity or financial performance reported in accordance with GAAP. There are limitations to using non-GAAP financial measures, including that other companies may calculate these measures differently than we do, that they do not reflect our capital expenditures or future requirements for capital expenditures and that they do not reflect changes in, or cash requirements for, our working capital. We compensate for the inherent limitations associated with using Adjusted EBITDA measures through disclosure of these limitations, presentation of our financial statements in accordance with GAAP and reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net (loss) income.

Condensed Consolidated Balance Sheets
At June 30, 2014 and December 31, 2013
(unaudited, in thousands except share data)
			June 30,			December 31,
				2014			2013
Assets
Current assets:
	Cash and cash equivalents		$	39,217		$	34,502
	Restricted cash			46,927			71,941
	Accounts receivable, less allowance for doubtful accounts of $2,137 and $914 at
		June 30, 2014 and December 31, 2013, respectively		59,979			66,635
	Deferred tax asset, net			6,836			3,284
	Other current assets			8,308			7,453
		Total current assets		161,267			183,815
Property, equipment and software, net				66,515			54,775
Goodwill				197,658			152,422
Identified intangible assets, net				106,382			108,815
Other assets				4,167			3,386
		Total assets	$	535,989		$	503,213
Liabilities and stockholders' equity
Current liabilities:
	Accounts payable		$	21,579		$	11,978
	Accrued expenses and other current liabilities			27,436			23,122
	Current portion of deferred revenue			66,695			66,085
	Customer deposits held in restricted accounts			46,895			71,910
		Total current liabilities		162,605			173,095
Deferred revenue				6,838			5,671
Deferred tax liability, net				1,081			1,379
Revolving credit facility				25,000			-
Other long-term liabilities				14,647			8,564
		Total liabilities		210,171			188,709
Stockholders' equity:
	Preferred stock, $0.001 par value, 10,000,000 shares authorized and zero shares
	issued and outstanding at June 30, 2014 and December 31, 2013, respectively			-			-
	Common stock, $0.001 par value per share: 125,000,000 shares authorized,
	82,016,928 and 80,511,791 shares issued and 79,082,594 and 78,433,626 shares
	outstanding at June 30, 2014 and December 31, 2013, respectively			82			81
	Additional paid-in capital			415,127			390,854
	Treasury stock, at cost: 2,934,334 and 2,078,165 shares at June 30, 2014 and
	December 31, 2013, respectively			(17,007	)		(11,183	)
	Accumulated deficit			(72,213	)		(65,086	)
	Accumulated other comprehensive loss			(171	)		(162	)
		Total stockholders' equity		325,818			314,504
		Total liabilities and stockholders' equity	$	535,989		$	503,213

Condensed Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 2014 and 2013
(unaudited, in thousands except per share data)
			Three Months Ended						Six Months Ended
			June 30,						June 30,
				2014			2013			2014			2013
Revenue:
	On demand		$	91,606		$	90,825		$	188,614		$	176,147
	On premise			826			1,011			1,691			1,961
	Professional and other			2,556			2,615			5,246			5,324
		Total revenue		94,988			94,451			195,551			183,432
Cost of revenue				42,115			37,340			82,042			72,704
Gross profit				52,873			57,111			113,509			110,728
Operating expense:
	Product development			15,941			11,727			30,782			23,765
	Sales and marketing			28,030			23,924			54,021			46,826
	General and administrative			16,819			12,819			37,748			29,326
		Total operating expense		60,790			48,470			122,551			99,917
Operating income (loss)				(7,917	)		8,641			(9,042	)		10,811
Interest expense and other income, net				(204	)		(596	)		(426	)		(685	)
Income (loss) before income taxes				(8,121	)		8,045			(9,468	)		10,126
Income tax expense (benefit)				(1,830	)		3,435			(2,341	)		4,498
Net income (loss)			$	(6,291	)	$	4,610		$	(7,127	)	$	5,628
Net income (loss) per share
		Basic	$	(0.08	)	$	0.06		$	(0.09	)	$	0.08
		Diluted	$	(0.08	)	$	0.06		$	(0.09	)	$	0.07
Weighted average shares used in
computing net income (loss) per share
		Basic		77,283			74,541			77,004			74,278
		Diluted		77,283			75,781			77,004			75,665

Condensed Consolidated Statements of Cash Flows
For the Three and Six Months Ended June 30, 2014 and 2013
(unaudited, in thousands)
				Three Months Ended						Six Months Ended
				June 30,						June 30,
					2014			2013			2014			2013
Cash flows from operating activities:
	Net income (loss)			$	(6,291	)	$	4,610		$	(7,127	)	$	5,628
	Adjustments to reconcile net income (loss) to net cash
		provided by operating activities:
		Depreciation and amortization			10,067			7,420			19,571			15,218
		Deferred tax expense (benefit)			(2,859	)		2,361			(3,850	)		3,046
		Stock-based compensation			10,033			6,061			19,258			13,306
		Loss on disposal of assets			-			270			20			273
		Acquisition-related contingent consideration			(233	)		(1,193	)		(66	)		1,445
		Changes in assets and liabilities, net of assets acquired
			and liabilities assumed in business combinations:		8,405			(2,151	)		14,942			(4,333	)
			Net cash provided by operating activities		19,122			17,378			42,748			34,583
Cash flows from investing activities:
	Purchases of property, equipment and software, net				(11,873	)		(5,669	)		(19,135	)		(13,393	)
	Acquisition of businesses, net of cash acquired				(34,874	)		(146	)		(42,053	)		(10,196	)
	Intangible asset additions				-			-			-			(600	)
			Net cash used by investing activities		(46,747	)		(5,815	)		(61,188	)		(24,189	)
Cash flows from financing activities:
	Payments on and proceeds from debt, net				24,859			(137	)		24,720			(10,273	)
	Payments of deferred acquisition-related consideration				(28	)		(179	)		(748	)		(486	)
	Issuance of common stock				3,741			1,469			5,016			2,993
	Purchase of treasury stock				(3,831	)		(1,132	)		(5,824	)		(2,065	)
			Net cash provided by (used in) financing activities		24,741			21			23,164			(9,831	)
			Net increase (decrease) in cash and cash equivalents		(2,884	)		11,584			4,724			563
			Effect of exchange rate on cash		5			(26	)		(9	)		(48	)
Cash and cash equivalents:
	Beginning of period				42,096			22,761			34,502			33,804
	End of period			$	39,217		$	34,319		$	39,217		$	34,319

Reconciliation of GAAP to Non-GAAP Measures
For the Three and Six Months Ended June 30, 2014 and 2013
(unaudited, in thousands)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2014			2013			2014			2013
Non-GAAP revenue:
Revenue (GAAP)	$	94,988		$	94,451		$	195,551		$	183,432
Acquisition-related and other deferred revenue		(207	)		-			1,117			2
Non-GAAP revenue	$	94,781		$	94,451		$	196,668		$	183,434
	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2014			2013			2014			2013
Adjusted gross profit:
Gross profit (GAAP)	$	52,873		$	57,111		$	113,509		$	110,728
Acquisition-related and other deferred revenue		(207	)		-			1,117			2
Depreciation		2,013			1,444			3,871			3,287
Amortization of intangible assets		2,447			2,028			4,870			3,995
Stock-based compensation expense		866			676			1,873			1,426
Adjusted gross profit	$	57,992		$	61,259		$	125,240		$	119,438
Adjusted gross profit margin		61.2	%		64.9	%		63.7	%		65.1	%
	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2014			2013			2014			2013
Adjusted EBITDA:
Net income (loss) (GAAP)	$	(6,291	)	$	4,610		$	(7,127	)	$	5,628
Acquisition-related and other deferred revenue		(207	)		-			1,117			2
Depreciation, asset impairment and loss on disposal of asset		4,581			3,398			8,790			7,086
Amortization of intangible assets		5,486			4,292			10,801			8,405
Interest expense, net		207			606			431			963
Income tax expense (benefit)		(1,830	)		3,435			(2,341	)		4,498
Litigation-related expense		168			(353	)		4,845			53
Stock-based compensation expense		10,033			6,061			19,258			13,306
Acquisition related expense		357			(949	)		1,238			1,825
Adjusted EBITDA	$	12,504		$	21,100		$	37,012		$	41,766
Adjusted EBITDA margin		13.2	%		22.3	%		18.8	%		22.8	%
	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2014			2013			2014			2013
Non-GAAP total product development:
Product development (GAAP)	$	15,941		$	11,727		$	30,782		$	23,765
Less: Amortization of intangible assets		1			1			3			1
Stock-based compensation expense		2,144			721			4,056			1,852
Non-GAAP total product development:	$	13,796		$	11,005		$	26,723		$	21,912
Non-GAAP total product development as % of non-GAAP revenue:		14.6	%		11.7	%		13.6	%		11.9	%

Reconciliation of GAAP to Non-GAAP Measures
For the Three and Six Months Ended June 30, 2014 and 2013
(unaudited, in thousands)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2014			2013			2014			2013
Non-GAAP total sales and marketing:
Sales and marketing (GAAP)	$	28,030		$	23,924		$	54,021		$	46,826
Less: Amortization of intangible assets		2,847			2,264			5,739			4,410
Stock-based compensation expense		3,101			2,004			6,244			5,205
Non-GAAP total sales and marketing:	$	22,082		$	19,656		$	42,038		$	37,211
Non-GAAP total sales and marketing as % of non-GAAP revenue:		23.3	%		20.8	%		21.4	%		20.3	%
	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2014			2013			2014			2013
Non-GAAP total general and administrative:
General and administrative (GAAP)	$	16,819		$	12,819		$	37,748		$	29,326
Less: Amortization of intangible assets		192			-			192			-
Acquisition related expense		357			(949	)		1,238			1,825
Stock-based compensation expense		3,922			2,660			7,085			4,823
Litigation related expense		168			(353	)		4,845			53
Non-GAAP total general and administrative:	$	12,180		$	11,461		$	24,388		$	22,625
Non-GAAP total general and administrative as % of non-GAAP revenue:		12.9	%		12.1	%		12.4	%		12.3	%
	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2014			2013			2014			2013
Non-GAAP total operating expense:
Operating expense (GAAP)	$	60,790		$	48,470		$	122,551		$	99,917
Less: Amortization of intangible assets		3,040			2,264			5,934			4,410
Acquisition related expense		357			(949	)		1,238			1,825
Stock-based compensation expense		9,167			5,385			17,385			11,880
Litigation related expense		168			(353	)		4,845			53
Non-GAAP total operating expense:	$	48,058		$	42,123		$	93,149		$	81,749
Non-GAAP total operating expense as % of non-GAAP revenue:		50.7	%		44.6	%		47.4	%		44.6	%
	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2014			2013			2014			2013
Non-GAAP operating income:
Operating income (loss) (GAAP)	$	(7,917	)	$	8,641		$	(9,042	)	$	10,811
Acquisition-related and other deferred revenue		(207	)		-			1,117			2
Amortization of intangible assets		5,486			4,292			10,801			8,405
Stock-based compensation expense		10,033			6,061			19,258			13,306
Acquisition related expense		357			(949	)		1,238			1,825
Litigation related expense		168			(353	)		4,845			53
Non-GAAP operating income	$	7,920		$	17,692		$	28,217		$	34,402
Non-GAAP operating margin		8.4	%		18.7	%		14.3	%		18.8	%

Reconciliation of GAAP to Non-GAAP Measures
For the Three and Six Months Ended June 30, 2014 and 2013
(unaudited, in thousands except per share data)
					Three Months Ended						Six Months Ended
					June 30,						June 30,
						2014			2013			2014			2013
	Non-GAAP net income:
		Net income (loss) (GAAP)			$	(6,291	)	$	4,610		$	(7,127	)	$	5,628
			Acquisition-related and other deferred revenue			(207	)		-			1,117			2
			Amortization of intangible assets			5,486			4,292			10,801			8,405
			Stock-based compensation expense			10,033			6,061			19,258			13,306
			Acquisition related expense			357			(949	)		1,238			1,825
			Litigation related expense			168			(353	)		4,845			53
			Loss on disposal of assets			-			270			20			273
				Subtotal of tax deductible items		15,837			9,321			37,279			23,864
			Tax impact of tax deductible items(1)			(6,335	)		(3,728	)		(14,912	)		(9,546	)
			Tax expense resulting from applying effective tax rate(2)			1,418			217			1,446			448
		Non-GAAP net income			$	4,629		$	10,420		$	16,686		$	20,394
		Non-GAAP net income per share - diluted			$	0.06		$	0.14		$	0.21		$	0.27
		Weighted average shares - diluted				77,283			75,781			77,004			75,665
			Weighted average effect of dilutive securities			912			-			1,016			-
		Non-GAAP weighted average shares - diluted				78,195			75,781			78,020			75,665
	(1)	Reflects the removal of the tax benefit associated with the amortization of intangible assets,
		stock-based compensation expense, Acquisition related deferred revenue adjustment and
		Acquisition related expense.
	(2)	Represents adjusting to a normalized effective tax rate of 40%.
					Three Months Ended						Six Months Ended
					June 30,						June 30,
						2014			2013			2014			2013
	Annualized Non-GAAP on demand revenue per average on demand unit:
		On demand revenue (GAAP)			$	91,606		$	90,825		$	188,614		$	176,147
			Acquisition-related and other deferred revenue			(207	)		-			1,117			2
		Non-GAAP on demand revenue			$	91,399		$	90,825		$	189,731		$	176,149
		Ending on demand units				9,371			8,616			9,371			8,616
		Average on demand units				9,328			8,580			9,241			8,455
		Annualized Non-GAAP on demand revenue per average on demand unit			$	39.19		$	42.34		$	41.06		$	41.67
		Annual customer value of on demand revenue(1)			$	367,249		$	364,801
	(1)	This metric represents management's estimate for the current annual run-rate value of on demand customer
		relationships. This metric is calculated by multiplying ending on demand units times annualized Non-GAAP on
		demand revenue per average on demand unit for the periods presented.

CONTACT:
RealPage, Inc.
Rhett Butler, 972-820-3773
rhett.butler@realpage.com